Illinois requires a letter of clearance from the home state of the producer as part of their requirements. Producers do not have to first become non-resident producers in Illinois to apply for a resident license. There is a paper application and a licensing fee of $215 required. Another requirement is the completion of Annuity Suitability […]
Requirements for Licensed Producers Moving into Illinois Read More »
In April of 2022, the House of Representatives passed the Secure Act 2.0 and it is now with the Senate. The Senate has two similar bills that address these issues. With the high vote in the house for Secure Act 2.0, it is expected some form of this bill will passed by the senate and
New Retirement Legislation in the works. Secure Act 2.0 Read More »
As of January 1, 2022, consumers have new billing protections when getting emergency care, non-emergency care from out-of-network providers at in-network facilities, and air ambulance services from out-of-network providers. Through new rules aimed to protect consumers, excessive out-of-pocket costs are restricted, and emergency services must continue to be covered without any prior authorization, and regardless
No Surprise Medical Bill -New Federal Law Read More »
Beginning February 16, 2021, the provisions of the DOL’s new Fiduciary Rule became effective, including the expanded definition of fiduciary and Impartial Conduct Standards under new and amended prohibited transaction exemptions. The DOL provided a non-enforcement grace period that will expire on February 1, 2022. This Rule represents the most significant change to retirement investment
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards (PTE84-24) Read More »
If the applicant selects to add a disability rider, the insurance company will pay the premiums on the policy if the disability claim approved. The insured needs to be disability for period of time as outlined in the rider. It is the responsibility of the insured to notify the insurance company or agent of this
What is a disability rider on a life insurance policy? Read More »
Since the applicant is asked questions about their occupation, hobbies, height, weight and health history, the insurance company has the right to check if those answers were correct for two years following the issue date of the policy. The “burden of proof” is on the insurance company that a answer concealed something that had the
What is the contestable period in a life insurance policy? Read More »
Effective January 1, 2022 under Public law 102-545, it added Section 235.1 was added to the insurance code. This added a new level of protection for insured from losing their coverage as a result of memory loss or dementia. This bill was sponsored by State Senator Napoleon Harris III and had the full sponsor of
Notice of Cancellation of a life policy in IL Read More »
No. When the policyowner names their estate as beneficiary, it opens the doors for creditors to make a claim on the proceeds. All estates go through a legal process called probate. The courts appoints an administrator or executor for the estate after an attorney files the paperwork. The executor is responsible for gathering assets and
Almost all states have statues dealing with this issue. In each state, the requirement is for the company to pay claims promptly (within 30 days) once their liability is clear. Interest rates vary from state to state. A common issue found in market conduct examination by the state regulators is lack of notice of the
Are insureds entitled to interest on delayed claims? Read More »
